John Kemp

Summers' compensation intensifies reform doubt

The weekend revelation National Economic Council chief Lawrence Summers received almost $5.2 million in salary and other compensation last year from hedge fund DE Shaw and Co, and hundreds of thousands more in speaking fees from other banks, has dealt another blow to the administration's fast-waning credibility on financial reform.

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G20 agrees inflation is solution to crisis

G20 leaders have endorsed a strategy that will transfer loan losses from banks and creditors to taxpayers (via government debt guarantees) and savers (via money creation and inflation)....

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Senators press tough line on commodity rules

Prominent senators have put Gary Gensler's nomination to head the Commodity Futures Trading Commission (CFTC) on "hold" in a bid to force the administration to take a tougher line on commodity regulation....

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U.S. oil refiners face rationalisation

Poor demand has left U.S. oil refineries operating at just 80-85 percent of their rated capacity for the last six months, the lowest rate since the early 1990s, and highlights the need for substantial restructuring in the sector over the next few years....

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US debt auction less successful than appears

After the U.S. Treasury's auction of 5-year debt drew little interest on Wednesday (with a bid to cover ratio of just 2.02), Thursday saw unusually strong interest in an auction of 7-year notes (with a bid to cover ratio of 2.52)....

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